Fantom (FTM): Bulls vs. Bears Showdown

Fantom (FTM): Price Movements and Market Data

In March 2024, Fantom (FTM) reached a yearly high of $1.22. However, the price quickly declined, resulting in a drop in its circulating market cap from a peak of $2.91 billion to $1.25 billion at press time. Similarly, its real volume fell from $3.75 billion to $203 million, according to Messari. FTM’s market cap dominance also decreased from 0.11% to 0.05%.

Despite these declines, Fantom’s social metrics remained strong, indicating continued trust and value within its community. As per Messari:

• Reddit subscribers grew to 40.63K, with 17 active users.
• Twitter followers stagnated at 535.57K.
• Telegram users increased to 21.53K.

On-Chain Data: Transactions and Volume Growth

Contrary to the declining price, Fantom’s on-chain metrics have shown growth. Recent data indicates an increase in transactions over $100K, totaling $23.38 million in the past seven days.

The asset transactions rose from a low of 4.52 million FTM on July 28th to 35.52 million FTM by July 31st. The total number of transactions also increased from 345 on July 27th to 622 on July 31st.

Additionally, exchange inflows surged to $10.94 million, surpassing outflows of $6.65 million, indicating increased sell pressure.

Financial Data and Holder Distribution

As of now, 33.02% of FTM holders, equivalent to 36.71K addresses, are in profit. In contrast, 63.32% of holders, or 70.39K addresses, are at a loss. Approximately 4.07K addresses (3.66%) are neither in profit nor loss.

The price correlation with Bitcoin (BTC) stands at 0.31. The distribution of holdings shows:

• Large holders: 86%
• Investors: 10.9%
• Whales: 74.99%
• Retail crowd: 14.1%

Derivatives Market Impact on FTM Price

The derivatives data for Fantom reveals a predominance of long liquidations over short ones, with a Long/Short ratio of 0.8886, indicating bearish sentiment. In the last 24 hours, long liquidations amounted to $568.04K, while shorts were only $22.86K, contributing to the bearish outlook.

Open interest (OI) has decreased, with total OI at $112.64 million. Perpetual volume inflow also declined by 28.37%, reaching $112.64 million.

Technical Analysis: Fantom’s Day Chart

From October to March 2024, FTM experienced a significant rally, gaining nearly 600%. However, the price has since fallen by about 65% as bullish momentum faded, resulting in a bearish falling wedge pattern.

Currently, FTM is testing a major historical support zone. If bearish dominance continues, the price could drop below this demand area. Conversely, a resurgence of bullish interest could trigger a breakout from the falling wedge pattern.

Key support levels are at $0.30 and $0.20. On the upside, resistances are at $0.55 and $0.65, with positive on-chain and social metrics suggesting potential for a bullish breakout.